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Trident Projects Ltd.

BSE: 526626 Sector: Infrastructure
NSE: N.A. ISIN Code: INE988B01016
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Trident Projects Ltd. (TRIDENTPROJECTS) - Director Report

Company director report

ANNUAL REPORT 1998-99 TRIDENT PROJECTS LIMITED DIRECTORS' REPORT Dear Shareholder, Your Directors hereby present the Seventh Annual Report on the business & operation of the Company along with the Audited Accounts of the Company for the year ended 31 st March, 1999. 1. DIVIDEND Your Directors do not recommend any dividend for the year ended 31st March, 1999 due to absence of profit. 2. OPERATIONS The Status of various projects being undertaken by your Company is as follows: a) The Trident Jade Court The construction work on this project is at full swing. The area to be constructed is 42,602 square feet. Our Company has made an arrangement with a multinational company to lease the entire building. The work is expected to be completed by the mid of year 2000. b) Wind Power Project The Wind Power Project is working at its 80% capacity. The Company is taking steps to get the project work at its 100% capacity. The dispute with the supplier has been completely resolved. 3.FUTURE PROJECTS 1) The Trident Aquamarine - Amethyst Plaza Two independent plots were taken up by the Company at The Golden Mile, Chanakyapuri, Ring Road, New Delhi, in a public auction to construct office buildings of 5,000 sq. ft. each. A public interest litigation against the Government Body has held up possession of the property to the Company. 2) Resorts & Clubs The Company is planning to take up projects in the field of Resorts and Clubs in addition to real estate construction and development. STATUTORY STATEMENTS A CONSERVATION OF ENERGY Your Company has made conscious and serious efforts for conservation of energy not only at its sites but also at its offices. The Company has taken a series of steps to conserve energy by effectively planning production, usage of machines and equipments in the most efficient manner. Through the in-house suggestion scheme, the Company has identified areas for reduction of energy in construction and also taken corrective steps. The Company is constantly educating the workers/employees and suggesting ways and means to save energy. FORM A required in respect of the total energy consumed and energy consumed per unit of production is not applicable. B. FOREIGN EXCHANGE EARNlNG AND OUTGO Foreign exchange earnings of the Company amounted to Rs.4,92,803/- in the year under review, whereas the outgoings during the year was Rs.47S7,4X2/-. C. RESEARCH & DEVELOPMENT The Company's activities in R&D cell resulted in cost-saving techniques and introduction of products & substitutes. D. TECHNOLOGY ABSORPTION & ADAPTATION The Company has not imported any new technology but is developing new processes and products. It is constantly reviewing and evaluating newer technologies to upgrade its products and process so as to meet new challenges and competition. 5. DIRECTORS Mr.Ramesh Khosla and Mr.Madanjeet Singh retired during the year and Mr. Prem Sagar Bhatia resigned from the Board of Directors of the Company during the year under revicw. In accordance with the provision of the Companies Act, 1956 and the Company's Articles of Association, Mr. Prem Sarup Sachdev retires by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for re-appointment 6. AUDITORS M/s. Surendra & Associates, Chartered Accountants are retiring as Statutory Auditors of the Company at the conclusion of the forthcoming Annual General Meeting. They being eligible for re-appointment as Statutory Auditors, have furnished the required certificate u/s 224 (lB) of the Companies Act, 1956. Your Directors recommend their re-appointment as Statutory Auditor. 7. AUDITOR'S REPORT The notes on the accounts referred to in the Auditors Report are self- explanatory and therefore, do not call for any further comments under Section 217 (3) of the Companies Act, 1956. 8. FIXED DEPOSITS The amount of Fixed Deposits as on 31.3.99 stood at Rs.83,16,49/-.There were 17 unclaimed deposits amounting to Rs. 3,47,000/- as on 31st March, 1999. In these cases, the Company has sent intimation to deposit holders. 9. Y2K COMPLIANCE The Board does not forsee any risk arising out of Y2K complaince as it is confident of meeting the same before December 1999. The Company does not anticipate any material impact on its operations and accordingly no additional cost is envisaged on this account. 10. EMPLOYEES Your Directors wish to place on record their appreciation for the dedication and hard work put in by the employees at all levels. 11. PARTICULARS OF EMPLOYEES The Company had no employee during the year attracting the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules. Your Directors wish to place on record their appreciation to the Investors, Employees and the Company's Bankers for the support and co-operation received from them throughout the year. By order of the Board Chairman Place: New Delhi Date : May 29,1999